BigCommerce Holdings Inc. is investing in AI technology and ecommerce features for large, medium and small businesses, putting the ecommerce software company in a 2023 strengthened position to grow with the ongoing market increases in B2B and retail ecommerce, executives said Feb. 22.
“I’m encouraged by the underlying momentum in this business,” CEO Brent Bellm said on a fourth-quarter and full-year 2023 earnings call.
“We are leveraging generative AI technology to drive customer growth,” he said, adding, “BigAI is our suite of AI-powered tools that enables better converting storefronts, more efficient store operations, and new creative ways to market and reach shoppers.”
BigCommerce revenue
Bellm said the BigCommerce technology developments and ecommerce product offerings led to an 11% year-over-year increase in revenue to $309.4 million. He said that resulted in a significant improvement in net loss from a year earlier, to $64.7 million from $139.9 million.
Among the company’s 2023 technology developments was the launch of Catalyst. The storefront development tool helps B2B and B2C companies deploy and operate highly customized ecommerce sites.
Meghan Stabler, senior vice president of marketing, says Catalyst works in combination with Makeswift, a visual editing tool BigCommerce acquired last year.
“It enables developers, agencies, brands and retailers to have their own tech teams rapidly build the next generation of storefronts using composable architecture,” Stabler said in an interview. Composable architecture supports the customized launch of ecommerce technology using a customized grouping of applications from different vendors.
Bellm also referred to additional developments, including:
- “BigAI Copywriter, built using generative AI from Google’s Vertex AI, launched in 2023 and provides customers the capability to streamline their workflows and save time by generating high-quality, high-performing product descriptions matching their businesses’ voices and target audiences.”
- “Later this year, we will also launch product recommendations using Google’s AI technology. Customers will be able to serve personalized and highly relevant product suggestions to their shoppers in real time.”
BigCommerce earnings
For the fourth quarter ended Dec. 31:
- BigCommerce revenue increased 16% year over year to $84.1 million.
- Subscription revenue rose 14% to $60.6 million.
- Annual revenue run-rate from enterprise accounts as a percentage of total ARR was 73%, up from 72%.
- The number of enterprise accounts increased 4% to 5,994.
For the full year, the company reported:
- BigCommerce revenue increased 11% to $309.4 million.
- Subscription revenue rose 11% to $229.3 million.
- Net loss narrowed to $64.7 million from $139.99 million.
Check back for more earnings reports.
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